Hardy algebras, <Emphasis Type="Italic">W</Emphasis>*-correspondences and interpolation theory

Given a von Neumann algebra M and a W*-correspondence E over M, we construct an algebra H(E) that we call the Hardy algebra of E. When M= =E, H(E) is the classical Hardy space H of bounded analytic functions on the unit disc. When M= and E= H(E) is the free semigroup algebra studied by Popescu, Davidson and Pitts and many others. We show that given any faithful normal representation of M on a Hilbert space H there is a natural correspondence E over the commutant (M), called the -dual of E, and that H(E) can be realized in terms of (B(H)-valued) functions on the open unit ball ((E)*) in the space of adjoints of elements in E. We prove analogues of the Nevanlinna-Pick theorem in this setting and discover other aspects of the value distribution theory for elements in H(E). We also analyze the boundary behavior of elements in H(E) and obtain generalizations of the Sz.-Nagy–Foia functional calculus and the functional calculus of Popescu for c.n.c. row contractions. The correspondence E has a dual that is naturally isomorphic to E and the commutants of certain, so-called induced representations of H(E) can be viewed as induced representations of H(E). For these induced representations a double commutant theorem is proved.Supported in part by grants from the National Science Foundation and from the U.S.-Israel Binational Science Foundation.Supported in part by the U.S.-Israel Binational Science Foundation and by the Fund for the Promotion of Research at the Technion.Revised version: 11 March 2004